Hartford To Expense Stock Options In 2003

NU Online News Service, Sept. 24, 1:25 p.m. EST?The Hartford Financial Services Group, Inc. said its board has adopted a change in accounting for employee stock options that will go into effect in January 2003.

At its Sept. 19 meeting, the board of the Hartford, Conn.-based company approved the fair-value recognition provisions of accounting for options. This method will be used, the company said, for all awards granted or modified after Jan. 1, 2003, under the guidance of the Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation."

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